Avenue Supermart Limited

AVENUE SUPERMARTS LTD

(In Crore)
Historical Financial Statement-AVENUE SUPERMARTS LTD
Years Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Mar-25

Income statement
# Sales ₹ 8,583.8 ₹ 11,897.7 ₹ 15,033.2 ₹ 20,004.5 ₹ 24,870.2 ₹ 24,143.1 ₹ 30,976.3 ₹ 42,839.6 ₹ 50,788.8 ₹ 59,358.1
Sales Growth - 38.61% 26.35% 33.07% 24.32% -2.92% 28.30% 38.30% 18.56% 16.87%

COGS ₹ 7,773.2 ₹ 10,706.0 ₹ 13,413.8 ₹ 18,009.5 ₹ 22,394.3 ₹ 22,012.9 ₹ 28,028.5 ₹ 38,563.3 ₹ 45,882.4 ₹ 51,717.6
COGS % Sales 90.56% 89.98% 89.23% 90.03% 90.04% 91.18% 90.48% 90.02% 90.34% 87.13%

Gross Profit ₹ 810.58 ₹ 1,191.69 ₹ 1,619.44 ₹ 1,994.99 ₹ 2,475.93 ₹ 2,130.17 ₹ 2,947.81 ₹ 4,276.27 ₹ 4,906.45 ₹ 7,640.45
Gross Margin % of Sales 9.44% 10.02% 10.77% 9.97% 9.96% 8.82% 9.52% 9.98% 9.66% 12.87%

Selling & General Expenses ₹ 146.12 ₹ 222.51 ₹ 266.58 ₹ 361.68 ₹ 347.62 ₹ 385.34 ₹ 445.46 ₹ 637.50 ₹ 800.81 ₹ 3,153.12
S&G Exp% of Sales 1.70% 1.87% 1.77% 1.81% 1.40% 1.60% 1.44% 1.49% 1.58% 5.31%

EBITDA ₹ 664.46 ₹ 969.18 ₹ 1,352.86 ₹ 1,633.31 ₹ 2,128.31 ₹ 1,744.83 ₹ 2,502.35 ₹ 3,638.77 ₹ 4,105.64 ₹ 4,487.33
EBITDA Margins 7.74% 8.15% 9.00% 8.16% 8.56% 7.23% 8.08% 8.49% 8.08% 7.56%

Interest ₹ 91.34 ₹ 121.98 ₹ 59.54 ₹ 47.21 ₹ 69.12 ₹ 41.65 ₹ 53.79 ₹ 67.41 ₹ 58.13 ₹ 69.45
Interest % of Sales 1.06% 1.03% 0.40% 0.24% 0.28% 0.17% 0.17% 0.16% 0.11% 0.12%

Depriciation ₹ 98.43 ₹ 127.82 ₹ 159.00 ₹ 212.49 ₹ 374.41 ₹ 414.16 ₹ 498.08 ₹ 638.87 ₹ 730.76 ₹ 869.52
Depriciation % of Sales 1.15% 1.07% 1.06% 1.06% 1.51% 1.72% 1.61% 1.49% 1.44% 1.46%

Earnings Before Tax ₹ 474.69 ₹ 719.38 ₹ 1,134.32 ₹ 1,373.6 ₹ 1,684.8 ₹ 1,289.02 ₹ 1,950.5 ₹ 2,932.5 ₹ 3,316.75 ₹ 3,548.36
EBT % of Sales 5.53% 6.05% 7.55% 6.87% 6.77% 5.34% 6.30% 6.85% 6.53% 5.98%

Tax ₹ 171.47 ₹ 268.28 ₹ 415.79 ₹ 519.48 ₹ 443.79 ₹ 384.02 ₹ 571.72 ₹ 681.75 ₹ 925.72 ₹ 965.22
Effective Tax Rate 36.12% 37.29% 36.66% 37.82% 26.34% 29.79% 29.31% 23.25% 27.91% 27.20%

Net Profit ₹ 303.22 ₹ 451.10 ₹ 718.53 ₹ 854.13 ₹ 1,240.99 ₹ 905.00 ₹ 1,378.76 ₹ 2,250.74 ₹ 2,391.03 ₹ 2,583.14
Net Margin 3.53% 3.79% 4.78% 4.27% 4.99% 3.75% 4.45% 5.25% 4.71% 4.35%

No. of Equity Shares( in crore) 56.15 62.41 62.41 62.41 64.78 64.78 64.78 64.83 65.07 65.07

Earning per Share ₹ 5.40 ₹ 7.23 ₹ 11.51 ₹ 13.69 ₹ 19.16 ₹ 13.97 ₹ 21.28 ₹ 34.72 ₹ 36.75 ₹ 39.70
EPS Growth % 33.85% 59.28% 18.87% 39.98% -27.07% 52.35% 63.12% 5.84% 8.03%

Dividend per Share ₹ 0.00 ₹ 0.00 ₹ 0.00 ₹ 0.00 ₹ 0.00 ₹ 0.00 ₹ 0.00 ₹ 0.00 ₹ 0.00 ₹ 0.00
Dividend Payout Ratio 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

Retained Earnings 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

Balance Sheet
# Equity Share Capital ₹ 561.5 ₹ 624.1 ₹ 624.1 ₹ 624.1 ₹ 647.8 ₹ 647.8 ₹ 647.8 ₹ 648.3 ₹ 650.7 ₹ 650.7
Reserves ₹ 958.9 ₹ 3,217.7 ₹ 4,045.0 ₹ 4,963.4 ₹ 10,432.0 ₹ 11,535.9 ₹ 13,029.9 ₹ 15,430.4 ₹ 18,047.1 ₹ 20,777.0
Borrowings ₹ 1,192.3 ₹ 1,497.3 ₹ 439.3 ₹ 700.2 ₹ 333.2 ₹ 392.7 ₹ 646.9 ₹ 643.0 ₹ 592.2 ₹ 819.6
Other Liabilities ₹ 388.8 ₹ 480.2 ₹ 539.9 ₹ 717.9 ₹ 663.2 ₹ 1,078.6 ₹ 1,146.4 ₹ 1,382.8 ₹ 1,882.5 ₹ 2,072.9
Total Liabilities ₹ 3,101.6 ₹ 5,819.3 ₹ 5,648.2 ₹ 7,005.5 ₹ 12,076.2 ₹ 13,655.1 ₹ 15,471.0 ₹ 18,104.5 ₹ 21,172.5 ₹ 24,320.3

Fixed Assests Net Block ₹ 2,093.5 ₹ 2,577.8 ₹ 3,400.0 ₹ 4,400.4 ₹ 5,948.0 ₹ 7,008.8 ₹ 9,260.0 ₹ 11,340.5 ₹ 13,415.0 ₹ 16,206.5
Capital Work in Progress ₹ 81.7 ₹ 152.9 ₹ 147.1 ₹ 376.8 ₹ 364.4 ₹ 1,019.6 ₹ 1,129.3 ₹ 829.2 ₹ 935.2 ₹ 1,099.4
Investments ₹ 29.3 ₹ 25.7 ₹ 68.2 ₹ 16.5 ₹ 14.7 ₹ 3.0 ₹ 5.9 ₹ 202.2 ₹ 106.7 ₹ 3.3
Other Assets ₹ 181.8 ₹ 209.8 ₹ 275.9 ₹ 319.7 ₹ 3,674.2 ₹ 1,886.3 ₹ 1,967.6 ₹ 1,018.7 ₹ 1,983.7 ₹ 1,454.9
Total Non Current Assets ₹ 2,386.4 ₹ 2,966.1 ₹ 3,891.1 ₹ 5,113.4 ₹ 10,001.3 ₹ 9,917.6 ₹ 12,362.9 ₹ 13,390.6 ₹ 16,440.6 ₹ 18,763.9

Receivables ₹ 8.4 ₹ 21.0 ₹ 33.5 ₹ 64.4 ₹ 19.6 ₹ 43.6 ₹ 66.9 ₹ 62.2 ₹ 166.4 ₹ 153.8
Inventory ₹ 671.7 ₹ 947.9 ₹ 1,163.5 ₹ 1,608.7 ₹ 1,947.4 ₹ 2,248.3 ₹ 2,742.7 ₹ 3,243.5 ₹ 3,927.3 ₹ 5,044.4
Cash & Bank ₹ 35.1 ₹ 1,884.3 ₹ 560.2 ₹ 219.1 ₹ 107.9 ₹ 1,445.6 ₹ 298.6 ₹ 1,408.3 ₹ 638.2 ₹ 358.2
₹ 715.2 ₹ 2,853.2 ₹ 1,757.2 ₹ 1,892.1 ₹ 2,074.8 ₹ 3,737.4 ₹ 3,108.1 ₹ 4,714.0 ₹ 4,731.9 ₹ 5,556.4

Total Assests ₹ 3,101.6 ₹ 5,819.3 ₹ 5,648.2 ₹ 7,005.5 ₹ 12,076.2 ₹ 13,655.1 ₹ 15,471.0 ₹ 18,104.5 ₹ 21,172.5 ₹ 24,320.3

Check TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE

Cash Flow Statement

#
Cash From Operating Activities ₹ 433.5 ₹ 455.3 ₹ 730.0 ₹ 806.8 ₹ 1,280.1 ₹ 1,375.1 ₹ 1,372.4 ₹ 2,630.3 ₹ 2,745.8 ₹ 2,463.0

Cash From Investing Activities (₹ -632.9) (₹ -2,481.6) ₹ 463.6 (₹ -958.4) (₹ -4,656.6) (₹ -1,110.0) (₹ -1,289.5) (₹ -2,313.1) (₹ -2,468.2) (₹ -2,185.3)

Cash From Financing Activities ₹ 196.4 ₹ 2,025.3 (₹ -1,159.1) ₹ 209.0 ₹ 3,357.4 (₹ -179.5) (₹ -179.2) (₹ -205.1) (₹ -147.6) (₹ -259.3)

Net Cash Flow (₹ -3.0) (₹ -1.1) ₹ 34.5 ₹ 57.5 (₹ -19.0) ₹ 85.6 (₹ -96.4) ₹ 112.0 ₹ 130.0 ₹ 18.4
Avenue Supermart Limited
Common Size Income Statement -AVENUE SUPERMARTS LTD

Particulars Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Mar-25

Sales 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Raw Material Cost 86.62% 87.05% 85.46% 87.21% 86.21% 86.38% 86.81% 86.10% 86.55% 87.05%
Change in Inventory 1.54% 2.32% 1.41% 2.22% 1.36% 1.25% 1.60% 1.17% 1.35% 1.88%
Power and Fuel 0.92% 0.84% 0.81% 0.76% 0.76% 0.72% 0.67% 0.73% 0.74% 0.00%
Other Mfr. Exp 2.81% 2.80% 2.49% 2.50% 2.60% 3.09% 2.60% 2.61% 2.61% 0.00%
Employee Cost 1.74% 1.62% 1.88% 1.78% 1.84% 2.23% 1.99% 1.75% 1.79% 1.96%
Selling and admin 7.54% 0.60% 0.64% 0.68% 0.48% 0.45% 0.46% 0.49% 0.54% 0.00%
Other Expenses -5.84% 1.27% 1.13% 1.13% 0.92% 1.15% 0.98% 0.99% 1.04% 5.31%
Other Income 0.20% 0.23% 0.58% 0.24% 0.24% 0.81% 0.37% 0.30% 0.28% 0.21%
Depreciation 1.15% 1.07% 1.06% 1.06% 1.51% 1.72% 1.61% 1.49% 1.44% 1.46%
Interest 1.06% 1.03% 0.40% 0.24% 0.28% 0.17% 0.17% 0.16% 0.11% 0.12%
Profit before tax 5.73% 6.28% 8.13% 7.11% 7.02% 6.14% 6.66% 7.14% 6.82% 6.19%
Tax 2.00% 2.25% 2.77% 2.60% 1.78% 1.59% 1.85% 1.59% 1.82% 1.63%
Net profit 3.73% 4.02% 5.36% 4.51% 5.23% 4.55% 4.82% 5.55% 4.99% 4.56%
Dividend Amount 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
EBIDTA 7.94% 8.38% 9.58% 8.41% 8.80% 8.03% 8.45% 8.79% 8.37% 7.77%

Common Size Balance Sheet -AVENUE SUPERMARTS LTD

Particulars Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Mar-25

Total Liablities 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Equity Share Capital 18.11% 10.72% 11.05% 8.91% 5.36% 4.74% 4.19% 3.58% 3.07% 2.68%
Reserves 30.92% 55.29% 71.61% 70.85% 86.38% 84.48% 84.22% 85.23% 85.24% 85.43%
Borrowings 38.44% 25.73% 7.78% 9.99% 2.76% 2.88% 4.18% 3.55% 2.80% 3.37%
Other Liabilities 12.53% 8.25% 9.56% 10.25% 5.49% 7.90% 7.41% 7.64% 8.89% 8.52%

Total Assets 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Net Block 67.50% 44.30% 60.20% 62.81% 49.25% 51.33% 59.85% 62.64% 63.36% 66.64%
Capital Work in Progress 2.63% 2.63% 2.60% 5.38% 3.02% 7.47% 7.30% 4.58% 4.42% 4.52%
Investments 0.95% 0.44% 1.21% 0.24% 0.12% 0.02% 0.04% 1.12% 0.50% 0.01%
Other Assets 5.86% 3.60% 4.88% 4.56% 30.43% 13.81% 12.72% 5.63% 9.37% 5.98%
Receivables 0.27% 0.36% 0.59% 0.92% 0.16% 0.32% 0.43% 0.34% 0.79% 0.63%
Inventory 21.66% 16.29% 20.60% 22.96% 16.13% 16.46% 17.73% 17.92% 18.55% 20.74%
Cash & Bank 1.13% 32.38% 9.92% 3.13% 0.89% 10.59% 1.93% 7.78% 3.01% 1.47%
 Avenue Supermart Limited
Ratio Analysis-AVENUE SUPERMARTS LTD
Years Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Mar-25 Trend Mean Median

Sales Growth 38.61% 26.35% 33.07% 24.32% -2.92% 28.30% 38.30% 18.56% 16.87% 24.61% 26.35%
EBITDA Growth 45.86% 39.59% 20.73% 30.31% -18.02% 43.42% 45.41% 12.83% 9.30% 25.49% 30.31%
EBIT Growth 51.55% 57.68% 21.10% 22.65% -23.49% 51.31% 50.35% 13.10% 6.98% 27.91% 22.65%
Net Profit Growth 48.77% 59.28% 18.87% 45.29% -27.07% 52.35% 63.24% 6.23% 8.03% 30.56% 45.29%
Dividend Growth 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

Gross Margin 9.44% 10.02% 10.77% 9.97% 9.96% 8.82% 9.52% 9.98% 9.66% 12.87% 10.10% 9.96%
EBITDA Margin 7.74% 8.15% 9.00% 8.16% 8.56% 7.23% 8.08% 8.49% 8.08% 7.56% 8.11% 8.11%
EBIT Margin 6.59% 7.07% 7.94% 7.10% 7.05% 5.51% 6.47% 7.00% 6.64% 6.09% 6.75% 6.82%
EBT Margin 5.53% 6.05% 7.55% 6.87% 6.77% 5.34% 6.30% 6.85% 6.53% 5.98% 6.38% 6.41%
Net Profit Margin 3.53% 3.79% 4.78% 4.27% 4.99% 3.75% 4.45% 5.25% 4.71% 4.35% 4.39% 4.40%

Sales Expenses % Sales 1.70% 1.87% 1.77% 1.81% 1.40% 1.60% 1.44% 1.49% 1.58% 5.31% 2.00% 1.65%
Depriciation % Sales 1.15% 1.07% 1.06% 1.06% 1.51% 1.72% 1.61% 1.49% 1.44% 1.46% 1.36% 1.45%
Operating % Sales 6.59% 7.07% 7.94% 7.10% 7.05% 5.51% 6.47% 7.00% 6.64% 6.09% 6.75% 6.82%

Return On Capital Employed 20.87% 15.76% 23.37% 22.60% 15.37% 10.58% 13.99% 17.94% 17.50% 16.26% 17.42% 16.88%
Retained Earnings % 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Return On Equity % 19.94% 11.74% 15.39% 15.29% 11.20% 7.43% 10.08% 14.00% 12.79% 12.06% 12.99% 12.42%
Self Sustained Growth Rate 19.94% 11.74% 15.39% 15.29% 11.20% 7.43% 10.08% 14.00% 12.79% 12.06% 12.99% 12.42%
Interest Coverage Ratio 6.20x 6.90x 20.05x 30.10x 25.37x 31.95x 37.26x 44.50x 58.06x 52.09x 31.25x 31.02x

Debtor Turnover Ratio 1019.45x 566.56x 448.48x 310.77x 1272.13x 553.99x 463.09x 689.18x 305.28x 385.97x 601.49x 508.54x
Creditor Turnover Ratio 22.08x 24.78x 27.84x 27.87x 37.50x 22.38x 27.02x 30.98x 26.98x 28.63x 27.61x 27.43x
Inventory Turnover Ratio 12.78x 12.55x 12.92x 12.44x 12.77x 10.74x 11.29x 13.21x 12.93x 11.77x 12.34x 12.66x
Fixed Asset Turnover Ratio 4.10x 4.62x 4.42x 4.55x 4.18x 3.44x 3.35x 3.78x 3.79x 3.66x 3.99x 3.94x
Capital Turnover Ratio 5.65x 3.10x 3.22x 3.58x 2.24x 1.98x 2.26x 2.66x 2.72x 2.77x 3.02x 2.74x

(in days)
Debtor Days 0 1 1 1 0 1 1 1 1 1 1 1
Payable Days 17 15 13 13 10 16 14 12 14 13 14 13
Inventory Ratio 29 29 28 29 29 34 32 28 28 31 30 29
Cash Conversion Ratio 12 15 16 17 19 18 20 16 16 19 17 17

CFO/Sales 5.05% 3.83% 4.86% 4.03% 5.15% 5.70% 4.43% 6.14% 5.41% 4.15% 4.87% 4.95%
CFO/Total Assets 13.98% 7.82% 12.92% 11.52% 10.60% 10.07% 8.87% 14.53% 12.97% 10.13% 11.34% 11.06%
CFO/Total Debt 36.35% 30.41% 166.19% 115.24% 384.21% 350.17% 212.13% 409.07% 463.70% 300.50% 246.80% 256.32%
Avenue Supermart Limited
AVENUE SUPERMARTS LTD - Sales Forecasting AVENUE SUPERMARTS LTD - EBITDA Forecasting AVENUE SUPERMARTS LTD - Earning per Share Forecasting
Year Weight Year Sales Sales Growth Year Weight Year EBIDTA EBIDTA Growth Year Weight Year EPS EPS Growth
1 2016A ₹ 8,583.8 1 2016A ₹ 664.5 1 2016A ₹ 5.4
2 2017A ₹ 11,897.7 38.61% 2 2017A ₹ 969.2 45.86% 2 2017A ₹ 7.2 33.85%
3 2018A ₹ 15,033.2 26.35% 3 2018A ₹ 1,352.9 39.59% 3 2018A ₹ 11.5 59.28%
4 2019A ₹ 20,004.5 33.07% 4 2019A ₹ 1,633.3 20.73% 4 2019A ₹ 13.7 18.87%
5 2020A ₹ 24,870.2 24.32% 5 2020A ₹ 2,128.3 30.31% 5 2020A ₹ 19.2 39.98%
6 2021A ₹ 24,143.1 -2.92% 6 2021A ₹ 1,744.8 -18.02% 6 2021A ₹ 14.0 -27.07%
7 2022A ₹ 30,976.3 28.30% 7 2022A ₹ 2,502.4 43.42% 7 2022A ₹ 21.3 52.35%
8 2023A ₹ 42,839.6 38.30% 8 2023A ₹ 3,638.8 45.41% 8 2023A ₹ 34.7 63.12%
9 2024A ₹ 50,788.8 18.56% 9 2024A ₹ 4,105.6 12.83% 9 2024A ₹ 36.7 5.84%
10 2025A ₹ 59,358.1 16.87% 10 2025A ₹ 4,487.3 9.30% 10 2025A ₹ 39.7 8.03%
11 2026E ₹ 58,863.7 -0.83% 11 2026E ₹ 4,656.5 3.77% 11 2026E ₹ 42.0 5.73%
12 2027E ₹ 64,320.9 9.27% 12 2027E ₹ 5,080.8 9.11% 12 2027E ₹ 45.9 9.37%
13 2028E ₹ 69,778.0 8.48% 13 2028E ₹ 5,505.2 8.35% 13 2028E ₹ 49.8 8.57%
14 2029E ₹ 75,235.1 7.82% 14 2029E ₹ 5,929.5 7.71% 14 2029E ₹ 53.8 7.89%
15 2030E ₹ 80,692.2 7.25% 15 2030E ₹ 6,353.8 7.16% 15 2030E ₹ 57.7 7.31%

45.86% 45.41% 63.12%

43.42%
59.28%
38.61% 38.30% 39.59%
52.35%

33.07%
30.31%
28.30% 39.98%
24.32%
33.85%

12.83%
26.35% 20.73%
16.87% 9.30% 9.11% 8.35%
7.71% 7.16% 5.84%
8.03% 9.37% 8.57%
3.77% 18.87% 7.89% 7.31%
5.73%
18.56%
9.27%
8.48% 7.82%
7.25%

-18.02%
-27.07%

-0.83%
-2.92%

1 2 3 4 5 6 7 8 9 1 0 11 1 2 1 3 1 4 1 5 1 6 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16
Avenue Supermart Limited

Avenue Supermart Weekly Returns

Beta Calculation
NIFTY Weekly Returns Beta Drifting

Date Closing Price Weekly Return Date Closing Price Weekly Return Levered Raw Beta 0.16679
02-06-2023 3,531.6 02-06-2023 18,534.1 Raw Beta Weight 75.00%
09-06-2023 3,632.1 2.85% 09-06-2023 18,563.4 0.16%
16-06-2023 4,085.6 12.49% 16-06-2023 18,826.0 1.41% Market Beta 1.00
23-06-2023 3,744.1 -8.36% 23-06-2023 18,665.5 -0.85% Market Beta Weight 25.00%
30-06-2023 3,889.2 3.88% 30-06-2023 19,189.1 2.80%
07-07-2023 3,809.0 -2.06% 07-07-2023 19,331.8 0.74% Adjusted Beta 0.3751
14-07-2023 3,838.8 0.78% 14-07-2023 19,564.5 1.20%
21-07-2023 3,675.7 -4.25% 21-07-2023 19,745.0 0.92%
28-07-2023 3,713.9 1.04% 28-07-2023 19,646.1 -0.50%
04-08-2023 3,652.1 -1.66% 04-08-2023 19,517.0 -0.66%
11-08-2023 3,550.1 -2.79% 11-08-2023 19,428.3 -0.45%
18-08-2023 3,541.0 -0.26% 18-08-2023 19,310.2 -0.61%
25-08-2023 3,534.6 -0.18% 25-08-2023 19,265.8 -0.23%
01-09-2023 3,761.1 6.41% 01-09-2023 19,435.3 0.88%
08-09-2023 3,782.4 0.57% 08-09-2023 19,820.0 1.98%
15-09-2023 3,796.0 0.36% 15-09-2023 20,192.4 1.88%
22-09-2023 3,689.1 -2.82% 22-09-2023 19,674.3 -2.57%
29-09-2023 3,675.6 -0.37% 29-09-2023 19,638.3 -0.18%
06-10-2023 3,834.0 4.31% 06-10-2023 19,653.5 0.08%
13-10-2023 3,935.9 2.66% 13-10-2023 19,751.1 0.50%
20-10-2023 3,749.5 -4.73% 20-10-2023 19,542.7 -1.06%
27-10-2023 3,665.5 -2.24% 27-10-2023 19,047.3 -2.53%
03-11-2023 3,649.7 -0.43% 03-11-2023 19,230.6 0.96%
10-11-2023 3,798.4 4.07% 10-11-2023 19,425.4 1.01%
17-11-2023 3,810.9 0.33% 17-11-2023 19,731.8 1.58%
24-11-2023 3,842.9 0.84% 24-11-2023 19,794.7 0.32%
01-12-2023 3,988.4 3.79% 01-12-2023 20,267.9 2.39%
08-12-2023 4,070.7 2.06% 08-12-2023 20,969.4 3.46%
15-12-2023 4,045.7 -0.61% 15-12-2023 21,456.7 2.32%
22-12-2023 4,008.0 -0.93% 22-12-2023 21,349.4 -0.50%
29-12-2023 4,082.7 1.86% 29-12-2023 21,731.4 1.79%
05-01-2024 3,863.5 -5.37% 05-01-2024 21,710.8 -0.09%
12-01-2024 3,841.0 -0.58% 12-01-2024 21,894.6 0.85%
25-01-2024 3,734.3 -2.78% 19-01-2024 21,622.4 -1.24%
02-02-2024 3,784.3 1.34% 25-01-2024 21,352.6 -1.25%
09-02-2024 3,719.2 -1.72% 02-02-2024 21,853.8 2.35%
16-02-2024 3,693.3 -0.70% 09-02-2024 21,782.5 -0.33%
23-02-2024 3,840.6 3.99% 16-02-2024 22,040.7 1.19%
07-03-2024 3,926.0 2.22% 23-02-2024 22,212.7 0.78%
15-03-2024 3,932.1 0.16% 07-03-2024 22,493.6 1.26%
22-03-2024 4,297.6 9.30% 15-03-2024 22,023.4 -2.09%
28-03-2024 4,525.6 5.31% 22-03-2024 22,096.8 0.33%
05-04-2024 4,619.3 2.07% 28-03-2024 22,326.9 1.04%
12-04-2024 4,765.1 3.16% 05-04-2024 22,513.7 0.84%
19-04-2024 4,696.0 -1.45% 12-04-2024 22,519.4 0.03%
26-04-2024 4,553.2 -3.04% 19-04-2024 22,147.0 -1.65%
03-05-2024 4,612.4 1.30% 26-04-2024 22,420.0 1.23%
10-05-2024 4,796.8 4.00% 03-05-2024 22,475.9 0.25%
24-05-2024 4,684.5 -2.34% 10-05-2024 22,055.2 -1.87%
31-05-2024 4,302.2 -8.16% 24-05-2024 22,957.1 4.09%
07-06-2024 4,747.3 10.35% 31-05-2024 22,530.7 -1.86%
14-06-2024 4,740.0 -0.15% 07-06-2024 23,290.2 3.37%
21-06-2024 4,804.9 1.37% 14-06-2024 23,465.6 0.75%
28-06-2024 4,716.8 -1.83% 21-06-2024 23,501.1 0.15%
05-07-2024 4,853.1 2.89% 28-06-2024 24,010.6 2.17%
12-07-2024 4,943.7 1.87% 05-07-2024 24,323.9 1.30%
19-07-2024 5,010.7 1.36% 12-07-2024 24,502.2 0.73%
26-07-2024 5,071.6 1.22% 19-07-2024 24,530.9 0.12%
02-08-2024 4,909.7 -3.19% 26-07-2024 24,834.9 1.24%
09-08-2024 4,990.0 1.63% 02-08-2024 24,717.7 -0.47%
16-08-2024 5,021.3 0.63% 09-08-2024 24,367.5 -1.42%
23-08-2024 4,901.5 -2.39% 16-08-2024 24,541.2 0.71%
30-08-2024 4,927.5 0.53% 23-08-2024 24,823.2 1.15%
06-09-2024 5,303.5 7.63% 30-08-2024 25,235.9 1.66%
13-09-2024 5,187.1 -2.19% 06-09-2024 24,852.2 -1.52%
20-09-2024 5,320.6 2.57% 13-09-2024 25,356.5 2.03%
27-09-2024 5,102.3 -4.10% 20-09-2024 25,791.0 1.71%
04-10-2024 4,737.6 -7.15% 27-09-2024 26,179.0 1.50%
11-10-2024 4,572.7 -3.48% 04-10-2024 25,014.6 -4.45%
18-10-2024 3,986.7 -12.82% 11-10-2024 24,964.3 -0.20%
25-10-2024 4,052.2 1.64% 18-10-2024 24,854.1 -0.44%
08-11-2024 3,874.5 -4.39% 25-10-2024 24,180.8 -2.71%
14-11-2024 3,823.9 -1.31% 08-11-2024 24,148.2 -0.13%
22-11-2024 3,613.7 -5.50% 14-11-2024 23,532.7 -2.55%
29-11-2024 3,709.6 2.66% 22-11-2024 23,907.3 1.59%
06-12-2024 3,805.6 2.59% 29-11-2024 24,131.1 0.94%
13-12-2024 3,652.3 -4.03% 06-12-2024 24,677.8 2.27%
20-12-2024 3,408.3 -6.68% 13-12-2024 24,768.3 0.37%
27-12-2024 3,568.4 4.70% 20-12-2024 23,587.5 -4.77%
03-01-2025 4,025.2 12.80% 27-12-2024 23,813.4 0.96%
10-01-2025 3,686.3 -8.42% 03-01-2025 24,004.8 0.80%
17-01-2025 3,620.7 -1.78% 10-01-2025 23,431.5 -2.39%
24-01-2025 3,580.0 -1.12% 17-01-2025 23,203.2 -0.97%
07-02-2025 3,743.5 4.57% 24-01-2025 23,092.2 -0.48%
14-02-2025 3,682.7 -1.63% 07-02-2025 23,560.0 2.03%
21-02-2025 3,596.7 -2.33% 14-02-2025 22,929.3 -2.68%
28-02-2025 3,404.0 -5.36% 21-02-2025 22,795.9 -0.58%
07-03-2025 3,593.6 5.57% 28-02-2025 22,124.7 -2.94%
13-03-2025 3,797.1 5.66% 07-03-2025 22,552.5 1.93%
21-03-2025 3,892.2 2.50% 13-03-2025 22,397.2 -0.69%
28-03-2025 4,083.2 4.91% 21-03-2025 23,350.4 4.26%
04-04-2025 4,039.9 -1.06% 28-03-2025 23,519.4 0.72%
11-04-2025 4,131.5 2.27% 04-04-2025 22,904.5 -2.61%
17-04-2025 4,357.1 5.46% 11-04-2025 22,828.6 -0.33%
25-04-2025 4,375.2 0.42% 17-04-2025 23,851.7 4.48%
02-05-2025 4,059.2 -7.22% 25-04-2025 24,039.4 0.79%
09-05-2025 3,972.4 -2.14% 02-05-2025 24,312.7 1.14%
16-05-2025 4,189.7 5.47% 09-05-2025 24,008.0 -1.25%
23-05-2025 4,140.8 -1.17% 16-05-2025 25,019.8 4.21%
Avenue Supermart Limited
Weighted Average Cost of Capital
(IN Crs.)

Peer Comps
Debt / Debt / Levered Unlevered
1 2
Name of the Comp Country Total Debt Total Equity Tax Rate Equity Capital Beta Beta 3

Avenue Supermart India 819.6 2,60,429.9 25% 0.31% 0.31% 0.38 0.37
Eternal Ltd India 2,045.0 2,29,977.5 25% 0.89% 0.88% 0.82 0.81
Trent India 2,237.2 2,00,619.4 25% 1.12% 1.10% 1.21 1.20
Vishal Mega Mart India 1,729.4 57,649.8 25% 3.00% 2.91% 0.67 0.65
V-Mart Retail India 39.42 6768.55 25% 0.58% 0.58% 1.24 1.23

Average 25% 1% 1% 0.86 0.85

Median 25% 1% 1% 0.82 0.81

Cost Of Debt Cost Of Equity

Pre Tax Cost Of Debt 8.41% Risk Free Rate 6.23%
Tax Rate 25% Equity Risk Premium 9.10%
After Tax Cost Of Debt 6.31% Levered Beta 4 1.01
Cost Of Equity 15.45%

Capital Structure Levered Beta

Current Target Comps Median Unlievered Data 0.81

Total Debt 819.6 0.31% 1% Target Debt / Equity 1.17%
Market Capitalization 2,60,429.9 99.69% 99% Tax Rate 25%
Total Capital 2,61,249.5 100% 100% Levered Beta 1.01

Debt / Equity 0.31% 1.17% Weighted Average cost Of Capital

Notes: Cost of Equity 15.45%

1.Tax Rate Considered as Marginal Tax Rate for the country Equity Weight 99.69%
2.Levered Beta is based on 1 Year Daily data.
3.Unlevered Beta = Levered Beta/(1+(1-Tax Rate)*Debt/Equity)
4.Levered Beta = Unlevered Beta*(1+(1-Tax Rate)*Debt/Equity) Cost Of Debt 6.31%
5.Risk free rate is 10 year bond yield . Debt Weight 0.31%

WACC 15.42%
 Avenue Supermart Limited
Calculation Of ROIC Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Mar-25

Current Assets
Inventories 1,947 2,248 2,743 3,243 3,927 5,044
Trade receivables 20 44 67 62 166 154
Loans n Advances 94 81 109 97 105 168
Other asset items 3580 1806 1859 922 1879 1287
Total Current Assets 5641 4179 4778 4324 6077 6653

Current Liablities
Trade Payables 433 578 589 754 985 1071
Non controlling int 0 0 0 0 0 -1
Other liability items 229 500 557 629 898 1003
Total Current Liablities 662 1078 1146 1383 1883 2073

# Net Working Capital 4979 3101 3632 2941 4194 4580

Non Current Assets

Land 2,740 3,483 4,527 5,519 6,904 17,928
Building 3,139 3,649 4,938 6,201 7,062 0
Plant Machinery 272 352 491 656 870 0
Equipments 39 50 73 85 97 0
Computers 95 119 153 190 219 0
Furniture n fittings 476 581 772 968 1,205 0
Vehicles 4 4 3 15 17 0
Intangible Assets 78 78 78 78 78 0
Other fixed assets 82 81 91 105 119 0
Gtoss Block 6925 8397 11126 13817 16571 17928
Accumulated Depriciation 979 1387 1867 2476 3156 3586
# Net Non Current Assets 7904 9784 12993 16293 19727 21514

# Invested Capital 12883 12885 16625 19234 23921 26094

EBIT 1754 1331 2004 3000 3375 3618

# ROIC 13.61% 10.33% 12.06% 15.60% 14.11% 13.86%

# Calculation Of Reinvestment Rate Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Mar-25

Net Capex 1,706 2,027 2,389 2,207 2,722 3,417

Change In Working Capital -1878 531 -691 1253 386

EBIT 1754 1331 2004 3000 3375 3618

Marginal Tax Rate 25.00% 25.00% 25.00% 25.00% 25.00% 25.00%
EBIT(!-T) 1315 998 1503 2250 2531 2713

Reinvestment 149 2,920 1,516 3,975 3,803

Reinvestment Rate 14.93% 194.25% 67.38% 157.04% 140.16%

4 Year Average 114.75%

4 Year Median 140.16%

# Calculation Of Growth Rate Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Mar-25

Reinvestment Rate 14.93% 194.25% 67.38% 157.04% 140.16%

ROIC 10.33% 12.06% 15.60% 14.11% 13.86%

Intrinsic Growth 1.54% 23.42% 10.51% 22.16% 19.43%

4 Year Average 15.41%

4 year Median 19.43%
Avenue Supermart Limited
DCF Valuation
Calculation of PV FCFF March-25A March-26E March-27E March-28E March-29E March-30E

EBIT 3617.81 4320.84 5160.50 6163.32 7361.01 8791.45

Tax Rate 25.00% 25.00% 25.00% 25.00% 25.00% 25.00%
EBIT (1-T) 2713.36 3240.63 3870.37 4622.49 5520.76 6593.58
Less: Reinvestment Rate 35.33% 35.33% 35.33% 35.33% 35.33% 35.33%
Free Cash Flow to Firm (FCFF) 1754.73 2095.72 2502.97 2989.36 3570.27 4264.07
Mid Year Convention 0.5 1.5 2.5 3.5 4.5
Discounting Factor 0.931 0.806 0.699 0.605 0.525
PV of FCFF 1950.74 2018.62 2088.86 2161.55 2236.77

Expected Growth 19.43%

Terminal Growth 5.83%
WACC 15.42%

Calculation of Terminal Value Sensitivity Analysis of Operating Assets

38323.48 12% 14% 15.42% 18%
FCFF (n+1) 5092.69 4% 43849.42 37170.84 33849.10 29538.18
WACC 15.42% 5% 48619.83 40139.10 36094.07 31006.00
Terminal Growth Rate 5.83% 5.83% 53753.63 43154.58 38312.96 32407.49
7% 63885.14 48619.83 42183.74 34742.27
Terminal Value 53124.24

Calculation of Equity Value Sensitivity Analysis of Equity Value

594.37 12% 14% 15.42% 18%
PV of FCFF 10456.54 4% 679.28 576.65 525.61 459.37
PV of Terminal Value 27866.94 5% 752.58 622.26 560.11 481.93
Value of Operating assets 38323.48 5.83% 831.46 668.60 594.20 503.46
7% 987.14 752.58 653.68 539.34
Add:Cash 358.20
Less:Debt 0.00
Value of Equity 38681.68
No. of Shares 65.08
Equity Value Per Share 594.37

Share Price 4372

Discount/Premium 7.36x
 Football Field Analysis-Valuation Summary (Rs)

₹ 5,878.04
₹ 6,000.00
₹ 5,485.00

₹ 5,000.00

₹ 4,000.00 ₹ 4,109.42

₹ 3,337.00
₹ 3,000.00

₹ 2,000.00

₹ 987.14
₹ 1,000.00 ₹ 653.68
₹ 539.34
₹ 679.28
₹ 459.37 ₹ 525.61
₹ 0.00
Comps DCF Bear DCF Base DCF Bull 52w H/L
 Avenue Supermart Limited
Amount in Crores

Market Data Financials Valuation

Share Share Enterprise
Company Ticker Price Outstanding Equity Value Net Debt Value Revenue Net Income EV/REVENUE EV/EBIDTA P/E
Avenue Super. 4,372.2 65.07 2,84,495.8 461.4 2,84,957.2 59,358.1 2,707.5 4.8x 63.5x 105.1x
Eternal Ltd 264.1 965.04 2,54,818.8 -1,569.0 2,53,249.8 20,243.0 527.0 12.5x 109.3x 483.5x
Trent 6,219.2 35.55 2,21,090.8 1,897.4 2,22,988.1 17,134.6 1,534.4 13.0x 70.4x 144.1x
Swiggy 400.4 249.36 99,831.3 -1,596.7 98,234.6 15,226.8 -3,116.8 6.5x -40.9x -32.0x
Info Edg.(India) 1,482.0 64.79 96,018.8 0.2 96,019.0 2,849.6 1,309.9 33.7x 69.2x 73.3x
Vishal Mega Mart 133.9 466.14 62,416.1 1,265.7 63,681.9 10,716.4 632.0 5.9x 77.4x 98.8x
Brainbees Solut. 386.8 52.16 20,175.5 -135.6 20,039.8 7,659.6 -264.8 2.6x 70.6x -76.2x
Vedant Fashions 811.3 24.29 19,705.3 465.7 20,170.9 1,386.5 388.5 14.5x 27.1x 50.7x
V-Mart Retail 858.9 7.94 6,819.7 743.1 7,562.8 3,253.9 45.8 2.3x 17.9x 149.0x
Aditya Bir. Fas. 75.0 122.03 9,151.0 4,243.7 13,394.7 7,354.7 -455.8 1.8x 9.58 -20.1x
High 33.7x 109.3x 483.5x
75th Percentile 13.0x 70.6x 144.1x
Average 10.7x 51.6x 110.7x
Median 6.5x 69.2x 98.8x
25th Percentile 4.8x 27.1x 50.7x
Low 2.3x -40.9x -76.2x

Avenue Supermart Comparable Valuation EV/REVENUE EV/EBIDTA P/E

Implied Enterprise Value 3,82,945.2 3,10,478.4 2,67,861.1
Net Debt 461.4 461.4 461.4
Implied Market Value 3,82,483.8 3,10,016.9 2,67,399.7
Shares Outstanding 65.07 65.07 65.07
Implied Value Per Share 5,878.0 4,764.4 4,109.4
Source:Screener.in
Undervalued Undervalued Overvalued
Avenue Supermart Limited
Date Close Price Return Sorted return Replication Simulated Returns Calculation Of Value at Risk-Avenue Supermart (Historical)
07-04-2017 751 13.06% 0.12278755 1 0.029383194
03-01-2025 4025 167.87% 0.108562164 2 0.00068732 Historical Approach
16-05-2022 3561 -12.25% 0.097401607 3 0.048942999 Mean 1.43%
23-09-2019 1917 -61.93% 0.084766069 4 0.008787028 Std. Deviation 2.01%
20-09-2019 1761 -8.48% 0.083970561 5 0.022423845 Min -11.75%
10-02-2020 2484 34.37% 0.08240089 6 -0.012944536 Max 12.28%
26-09-2017 1116 -79.99% 0.081208209 7 0.029373549 CMP 4370.0
13-10-2021 5117 152.28% 0.0767715 8 -0.026474043
03-02-2025 3948 -25.94% 0.074438294 9 0.019403028 Monte Carlo Simulation
11-10-2021 4719 17.85% 0.068282539 10 0.029849516 Mean 1.42%
02-11-2018 1463 -117.15% 0.068187335 11 -0.032545046 Std. Deviation 2.01%
05-06-2024 4862 120.14% 0.066648824 12 0.012667762 Min -6.41%
20-05-2019 1318 -130.53% 0.065727808 13 0.015576717 Max 8.82%
12-10-2018 1412 6.86% 0.062552348 14 0.011146059 CMP 4370.0
17-12-2019 1884 28.86% 0.062165127 15 0.01500869
18-06-2024 5039 98.39% 0.061240596 16 0.027015774 Historical Approach
25-05-2018 1498 -121.34% 0.06031166 17 0.037460897 Percentile Confidence VAR% Stock Price VAR (INR)
10-10-2017 1185 -23.44% 0.059024691 18 0.024725976 5% 95% -2.98% 4239.9 -130.1
01-02-2021 2812 86.44% 0.058770456 19 0.026880201 1% 99% -5.13% 4146.0 -224.0
01-12-2020 2427 -14.74% 0.058329898 20 0.033561912 0.5% 99.5% -5.78% 4117.3 -252.7
15-06-2023 3918 47.90% 0.055861975 21 0.033253493
02-03-2021 3074 -24.27% 0.055196684 22 0.012856747 Monte Carlo Simulation
05-09-2017 1078 -104.80% 0.054389461 23 -0.002183298 Percentile Confidence VAR% Stock Price VAR (INR)
19-10-2020 2094 66.44% 0.054003558 24 0.067368378 5% 95% -1.82% 4290.7 -79.3
18-05-2021 3056 37.80% 0.052942673 25 0.02274758 1% 99% -3.31% 4225.3 -144.7
28-12-2018 1655 -61.34% 0.052599641 26 0.008609934 0.5% 99.5% -3.67% 4209.4 -160.6
23-02-2021 3152 64.43% 0.051878734 27 -0.003351652
22-01-2021 2863 -9.62% 0.05146337 28 0.011241041
29-10-2018 1291 -79.62% 0.051364627 29 0.056791306
28-08-2017 1046 -21.05% 0.050531392 30 0.010052514
09-10-2018 1373 27.15% 0.050507485 31 -0.011014512
06-04-2017 664 -72.55% 0.04975767 32 0.03751626
31-10-2018 1338 70.00% 0.049291056 33 -0.001041634
30-05-2022 3796 104.29% 0.049279563 34 0.036193109
26-03-2020 1994 -64.39% 0.048787657 35 -0.015105118
08-04-2020 2279 13.35% 0.048784679 36 0.006928893
20-05-2020 2454 7.42% 0.048779978 37 -0.0022387
09-04-2020 2393 -2.55% 0.048774491 38 -0.01388629
25-03-2020 1899 -23.10% 0.048771735 39 -0.001223341
07-04-2020 2170 13.35% 0.048768278 40 0.000835382
20-03-2020 1916 -12.46% 0.048766679 41 -0.016216335
08-12-2020 2652 32.51% 0.048536624 42 0.03841759
01-02-2019 1443 -60.87% 0.048344995 43 0.01678568
28-05-2020 2308 46.99% 0.048028038 44 -0.000975226
27-02-2018 1355 -53.30% 0.048008009 45 -0.011167684
15-07-2019 1425 5.08% 0.047303811 46 0.005686007
13-03-2020 2101 38.81% 0.047018769 47 0.006987407
23-02-2018 1300 -47.99% 0.046921118 48 -0.035408892
 AVENUE SUPERMARTS LTD
(DMART | 540376 | INE192R01011)
INR 4370
52 week (High-INR 5485 & Low- 3337 )

About the Company

Avenue Supermarts Limited, DMart, is an Indian retail corporation that operates a chain of supermarkets and
hypermarkets. The company was founded by Radhakishan Damani and is based in Mumbai. As of March 2025, DMart
has 415 stores across 12 states and union territories in India.In March 2024,the company had a total of 13,971
permanent employees and 59,961 employees hired on contractual basis.

Financial Summary
Revenues ( INR Crs.) Net Profit ( INR Crs.) Average Total Assets ( INR Crs.)
59,358 2,536 2,708 22,746
2,379 19,639
50,789
16,788
42,840
14,563
1,493 12,866
30,976
24,143 1,099

2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025

Financial Levrage ( % ) Return on Assets ( % ) Return on Equity ( % )

113.4% 14.2%
12.9% 16.0%
112.8% 112.9% 11.9% 14.6%
112.6% 13.5%
10.2% 11.5%
8.5% 9.5%

110.6%

2021 2022 2023 2024 2025 2021 2022 2023 2024 2025
2021 2022 2023 2024 2025

Recent Updates
• Net Sales at Rs 14,871.86 crore in March 2025 up 16.86% from Rs. 12,726.55 crore in March 2024.
• Quarterly Net Profit at Rs. 550.90 crore in March 2025 down 2.19% from Rs. 563.25 crore in March 2024.
• EBITDA stands at Rs. 980.12 crore in March 2025 down 0.14% from Rs. 981.51 crore in March 2024
• EPS has decreased to Rs. 8.47 in March 2025 from Rs. 8.66 in March 2024.
• Two years and older DMart stores grew by 8.1% during the fourth quarter, as compared to 10.3% in the same
period last year. The growth is primarily driven by increased footfall.
• The total number of Dmart Stores Stands at 424.
 Dupont Analysis - Return on Equity & Return on Asset
Return on Equity (ROE)
Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Mar-25
Net Profit 902.54 1301.08 1099.49 1492.55 2378.51 2536.17 2708.02
Average Shareholder Equity 5128.25 8333.595 11631.73 12930.68 14878.17 17388.26 20062.79
Return on Equity (ROE) 17.60% 15.61% 9.45% 11.54% 15.99% 14.59% 13.50%

ROE -Dupont Equation

Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Mar-25
Net Profit 902.54 1301.08 1099.49 1492.55 2378.51 2536.17 2708.02
Revenue 20004.52 24870.2 24143.06 30976.27 42839.56 50788.83 59358.05
Net Profit Margin (A) 4.51% 5.23% 4.55% 4.82% 5.55% 4.99% 4.56%

Revenue 20004.52 24870.2 24143.06 30976.27 42839.56 50788.83 59358.05

Average Total Asset 6326.86 9540.83 12865.61 14563.02 16787.75 19638.5 22746.39
Asset Turnover Ratio (B) 3.2x 2.6x 1.9x 2.1x 2.6x 2.6x 2.6x

Average Total Asset 6326.86 9540.83 12865.61 14563.02 16787.75 19638.5 22746.39
Average Shareholder Equity 5128.25 8333.595 11631.73 12930.68 14878.17 17388.26 20062.79
Equity Multiplier (C) 1.2x 1.1x 1.1x 1.1x 1.1x 1.1x 1.1x

Return on Equity (A*B*C) 17.60% 15.61% 9.45% 11.54% 15.99% 14.59% 13.50%

Return on Asset (ROA)

Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Mar-25
Net Profit 902.54 1301.08 1099.49 1492.55 2378.51 2536.17 2708.02
Average Total Asset 6326.86 9540.83 12865.61 14563.02 16787.75 19638.5 22746.39
Return on Asset (ROA) 14.27% 13.64% 8.55% 10.25% 14.17% 12.91% 11.91%

ROA-Dupont Equation
Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Mar-25
Net Profit 902.54 1301.08 1099.49 1492.55 2378.51 2536.17 2708.02
Revenue 20004.52 24870.2 24143.06 30976.27 42839.56 50788.83 59358.05
Net Profit Margin (A) 4.51% 5.23% 4.55% 4.82% 5.55% 4.99% 4.56%

Revenue 20004.52 24870.2 24143.06 30976.27 42839.56 50788.83 59358.05

Average Total Asset 6326.86 9540.83 12865.61 14563.02 16787.75 19638.5 22746.39
Asset Turnover Ratio (B) 3.2x 2.6x 1.9x 2.1x 2.6x 2.6x 2.6x

Return on Asset (A*B) 14.27% 13.64% 8.55% 10.25% 14.17% 12.91% 11.91%

Dupont Summary
• Net profit margin has ranged between 4.5% and 5.5%, peaking in FY23. While margins improved post-FY21, they
have slightly declined in recent years, indicating some pressure on either pricing power or cost control
• Asset turnover dropped significantly from 3.2x in FY19 to a low of 1.9x in FY21, likely due to underutilized assets or
slower revenue growth. However, it stabilized around 2.6x from FY23 onward, suggesting better operational
efficiency and improved asset utilization.
• Equity multiplier has remained steady at 1.1x since FY20, reflecting a conservative capital structure with minimal
use of debt. This means that ROE is being driven more by core business performance than financial leverage.
• ROE declined from 17.6% in FY19 to a low of 9.45% in FY21, mainly due to falling margins and declining asset
turnover. It recovered to 15.99% in FY23, driven by improved efficiency and profitability. However, in FY24 and
FY25, it has tapered off again to 13.5%, reflecting pressure on margins despite stable turnover.
 AVENUE SUPERMARTS LTD
(DMART | 540376 | INE192R01011)
INR 4370
52 week (High-INR 5485 & Low- 3337 )

Altman's Z Score Analysis

Avenue Supermarts Limited, DMart, is an Indian retail corporation that operates a chain of supermarkets and hypermarkets. The company was
founded by Radhakishan Damani and is based in Mumbai. As of March 2025, DMart has 415 stores across 12 states and union territories in India.In
March 2024,the company had a total of 13,971 permanent employees and 59,961 employees hired on contractual basis.

Financial Summary
Working Capital / Total Assets Retained Earnings / Total Assets EBIT / Total Assets

23% 23% 12% 17%

20% 11% 16%
19% 11% 15%
16% 9% 13%

7% 10%

2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025

Z Score
Market cap / Total Libalities Sales / Total Assets
12.9
11.7
1676.2% 239.9% 244.1%
236.6% 10.6 10.6 10.3
1356.3% 1390.9% 200.2%
1217.8% 1169.3% 176.8%

2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025

Recent Updates
• Net Sales at Rs 14,871.86 crore in March 2025 up 16.86% from Rs. 12,726.55 crore in March 2024.
• Quarterly Net Profit at Rs. 550.90 crore in March 2025 down 2.19% from Rs. 563.25 crore in March 2024.
• EBITDA stands at Rs. 980.12 crore in March 2025 down 0.14% from Rs. 981.51 crore in March 2024
• EPS has decreased to Rs. 8.47 in March 2025 from Rs. 8.66 in March 2024.
• Two years and older DMart stores grew by 8.1% during the fourth quarter, as compared to 10.3% in the same
period last year. The growth is primarily driven by increased footfall.
 Altman's Z Score Analysis Calculation
Working Capital / Total Assets
Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Mar-25
Working Capital 4979 3101 3632 2941 4194 4580
Total Assets 12076.16 13655.05 15470.98 18104.52 21172.48 24320.29
Working Capital/Total Assets (A) 41.23% 22.71% 23.48% 16.24% 19.81% 18.83%

Retained Earnings / Total Assets

Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Mar-25
Retained Earnings 1240.99 905 1378.76 2250.74 2391.03 2583.14
Total Assets 12076.16 13655.05 15470.98 18104.52 21172.48 24320.29
Retained Earnings / Total Assets (B) 10.28% 6.63% 8.91% 12.43% 11.29% 10.62%

EBIT / Total Assets

EBIT 1753.9 1330.67 2004.27 2999.9 3374.88 3617.81
Total Assets 12076.16 13655.05 15470.98 18104.52 21172.48 24320.29
EBIT / Total Assets (C) 14.52% 9.74% 12.96% 16.57% 15.94% 14.88%

Market cap / Total Libalities

Market cap 141700.7137 185202.023 259326.8809 220477.8202 294495.7573 284370.3507
Total Liablities 12076.16 13655.05 15470.98 18104.52 21172.48 24320.29
Market cap / Total Libalities 1173.39% 1356.29% 1676.21% 1217.81% 1390.94% 1169.27%

Sales / Total Assets

Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Mar-25
Sales 24870.2 24143.06 30976.27 42839.56 50788.83 59358.05
Total Assets 12076.16 13655.05 15470.98 18104.52 21172.48 24320.29
Sales / Total Assets 205.94% 176.81% 200.22% 236.62% 239.88% 244.07%

Altman's Z score
Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Mar-25
Final Score 10.22 10.59 12.89 10.59 11.67 10.32
Financial Stability Strong Strong Strong Strong Strong Strong